Bank of Valletta will cut its bank base rate for business lending by 15 basis points to 2.15 per cent as of Monday.

The move follows a decision by the European Central Bank to reduce its main policy rates.

BOV said it was also making adjustments to the liabilities side of the balance sheet to include a reduction of five basis points in the savings interest rate to 0.10 per cent.

Term and other deposit accounts will also be affected by interest rate cuts.

The reductions on the business lending rates and on those for new term deposit accounts take effect on Monday while the new interest rates on various savings accounts will be introduced on August 16.

More details on www.bov.com.

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